Tuesday, June 25, 2024

Global Centres to lease 50 m sqft of Grade A office space

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Global Capability Centres (GCCs) are expected to lease about 50 million square feet of office space in the next two years, said a report by Office Services, Colliers India.
Hyderabad and Benagaluru have together accounted for 60% of the total GCC demand during 2020-23.
Improved business sentiments and positive economic outlook is fostering heightened demand of office spaces in India, particularly signaling confidence among foreign origin companies seeking to establish their capability centres in the country. Interestingly, despite a weaker global outlook amidst pandemic and geopolitical tensions in the last 2-3 years, GCCs resumed their expansions in a steadfast manner, registering a 14% YoY rise in leasing activity in 2023.

The second half of 2023 particularly witnessed the highest GCC leasing activity since 2020, reaching 12.4 million square feet, according to Colliers’ latest report, titled “Global Capability Centres in India: A newfound wave of confidence.” The report highlights the pivotal role GCCs will continue to play in shaping India’s commercial real estate landscape in near future. Driven by cost-effective offerings and a talent-rich environment, foreign companies will continue their expansions in India, further bolstering GCC demand in near to mid-term.
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